Terra (LUNA) Bought $100,000,000 in Bitcoin (BTC); TerraUSD Launched on Binance | CryptoGazette
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There are some pretty bullish moves that are taking place in the crypto space despite the price volatility these days. Check out the latest reports below.
Ethereum challenger Terra (LUNA) continues to build up its Bitcoin (BTC) reserves. This is happening as the world’s largest crypto exchange Binance adds support for its stablecoin, TerraUSD (UST).
Terraform Labs CEO Do Kwon posted on Twitter that the Luna Foundation Guard (LFG) has purchased $100,000,000 more worth of the leading digital asset.
“[Luna Foundation Guard] bought an additional $100 million worth of BTC for UST FX [foreign exchange] reserves.”
Previously, Kwon had said that Terra plans to buy up a staggering $10 billion worth of the top crypto asset by market cap in order to back UST. This is its native dollar-pegged stablecoin.
It’s also important to note the fact that the most recent purchase brings LFG’s total value of Bitcoin held in its reserves to $1.72 billion.
As the stablecoin issuer continues to buy BTC, the leading crypto exchange platform Binance recently announced it would be adding support for UST.
Investors can buy and swap UST in the UST/USD and UST/USDT (Tether) pairs, according to Binance, as per the online publication the Daily Hodl.
Regarding the price of Bitcoin, at the moment of writing this article BTC is trading in the red and the king coin is priced at $40,142.
Huge crypto investments ahead
The other day, we revealed that the Pantera Capital CEO Dan Morehead says more institutional ownership of BTC and a higher Bitcoin market value will moderate the top crypto asset’s price swings.
“While we’ve had two -80% bear markets already, I believe those are a thing of our primordial past. Future bear markets will be shallower. The previous two have been -61% and -54%. Unfortunately, there’s no free lunch. The flipside is we probably won’t see the 100x rallies anymore either.”
He also said that the current bear market is finished, and Bitcoin has moved on to a new rally cycle.
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